Pending home sales improved slightly in April and continue to be well above a year ago, according to the National Association of Realtors®
Palm Coast, FL – May 30, 2013 – The National Association of Realtors® released their monthly Pending Home Sales Index today. The forward looking index is based on contract signings rather than closings. At 106.0, the index is at its highest level in three years. If the effect of the first-time home buyer’s tax credit is ignored, the index is at its highest level in six years.
Lawrence Yun, NAR chief economist, said a familiar pattern has developed. “The housing market continues to squeak out gains from already very positive conditions. Pending contracts so far this year easily correspond to higher closed home sales in 2013,” he said. Total existing-home sales are expected to rise just over 7 percent to about 5 million this year.
“Because of inventory shortages, higher home sales will push up home values to the highest level in five years,” Yun said.